Fee Change Alert
MIAX Pearl Equities
October 31, 2025 | 02:15 PM
MIAX Pearl Equities Exchange - Postponement of Billing Implementation for SEC Fee Transparency
On October 31, 2025, the U.S. Securities and Exchange Commission issued an Exemptive Order postponing the implementation of Regulation NMS Rule 610(d) requiring that fees and rebates be known at the time of execution from November 3, 2025 to February 2, 2026. As a result, MIAX Pearl Equities is postponing implementation of the new billing methodology previously announced in its October 24, 2025 Alert until February 2, 2026. Therefore, MIAX Pearl Equities will continue to calculate an Equity Member’s pricing tiers for current month based on the current month’s trading activity. Once Regulation NMS Rule 610(d) is implemented, MIAX Pearl Equities will calculate an Equity Member’s pricing tiers for the current month based on the prior month’s trading activity.
To learn more about MIAX Pearl Equities, please contact Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.
For further information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.